An anonymous director reports

GOLDGROUP ANNOUNCES EXERCISE OF CERRO PRIETO PURCHASE OPTION

Further to the mining exploitation and option to purchase agreement described in Goldgroup Mining Inc.'s news release dated July 7, 2023, and related filings on Sedar+, Goldgroup has exercised its option to purchase all of the issued and outstanding common shares of Minera Cerro Esperanza SA de CV (MER), which owns the company's previously held Cerro Prieto mining concessions. The company has elected to settle the full option price of $1.85-million (U.S.) in common shares of the company and will issue 25,067,500 common shares to Calu Opportunity Fund LLP, the owner of MER and a material shareholder of the company. As a result of the transaction, Calu will own, directly and indirectly, 55,297,000 common shares of the company, representing approximately 66.83 per cent of the company's issued and outstanding share capital. The completion of the transaction is subject to final Toronto Stock Exchange approval.

The company is not issuing any securities or paying any bonus, commission or finder's fees in respect of the transaction.

About Goldgroup Mining Inc.

Goldgroup is a Canadian-based mining company that operates the Cerro Prieto heap leach gold mine located in the state of Sonora, Mexico, and is led by a team of highly successful and seasoned individuals with extensive expertise in mine development, corporate finance and exploration in Mexico.

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